T R A N S L A T I O N CENTRALNA DEPOZITARNA AGENCIJA AD, PODGORICA. Financial Statements for the year ended 31 December 2016

Transcription

1 T R A N S L A T I O N CENTRALNA DEPOZITARNA AGENCIJA AD, PODGORICA Financial Statements for the year ended 31 December 2016

2 kpmg KPMG d.o.o. Svetlane Kane Radević Montenegro Tel./Fax: +382 (0) T R A N S L A T I O N TO THE SHAREHOLDERS OF CENTRALNA DEPOZITARNA AGENCIJA AD, PODGORICA Independent Auditors Report We have audited the accompanying financial statements of Centralna Depozitarna Agencija (hereinafter: the Company ) which comprise the statement of financial position as at 31 December 2016, the income statement, changes in equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements Management is responsible for the preparation and true and objective presentation of these financial statements in accordance with the applicable Law on Accounting of Montenegro and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the applicable legislation that regulates accounting and audit in Montenegro. Those legislations that regulate accounting and audit require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation and true and objective presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. KPMG d.o.o., a Montenegrin limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. Hipotekarna banka a.d., račun Erste Bank a.d., račun PIB PDV 30/

3 kpmg T R A N S L A T I O N Opinion In our opinion, the financial statements present truly and objectively, the financial position of the Company as at 31 December 2016, and of its financial performance and its cash flows for the year then ended in accordance with the applicable Law on Accounting of Montenegro., 23 March 2017 KPMG d.o.o. (L.S.) Ivović Dušanka Certified auditor This is a translation of the original Independent Auditors Report and financial statements issued in the Montenegrin language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Montenegrin version of the document shall prevail. We assume no responsibility for the correctness of the English translation of the Company s financial statements., 23 March 2017 KPMG d.o.o. (L.S.) Ivović Dušanka Certified auditor 2

4 Completed by a legal entity ID number: Fill in: Activity code 6619 Name Address Centralna Depozitarna Agencija Class of accounts STATEMENT OF COMPERHESIVE INCOME / INCOME STATEMENT/ FOR THE PERIOD FROM 1 JANUARY TO 31 DECEMBER 2016 Position In EUR Amount , 61 I. OPERATING INCOME (202 to 206) 1.Sales , , , , Own products used Increase in value of inventories Decrease in value of inventories , 65 5.Other operating income II. OPERATING EXPENSES (208 to 212) , , Cost of goods sold Cost of material ,098 16, Wages, salaries and other personal expenses , , Depreciation and provision costs ,951 72,725 53, Other operating expenses , ,853 A. OPERATING RESULT ( ) ,843 (59,980) 66 I. FINANCIAL INCOME ,958 9, II. FINANCIAL EXPENSES B. FINANCIAL RESULT ( ) 216 4,958 9,896 67, 68, 691,692 I. OTHER INCOME ,617 5,734 57, 58, 591,592 II. OTHER EXPENSES ,444 16,153 C. RESULT FROM OTHER ACTIVITIES ( ) ,173 (10,419) Note Current year Previous year D. RESULT FROM OPERATING ACTIVITIES BEFORE TAX ( ) ,974 (60,503) E. NET INCOME FROM DISPOSAL OF DISCONTINUING OPERATIONS 221 F. RESULT BEFORE TAX ( ) 222 G. OTHER ITEMS OF RESULT/ASSOCIATED WITH CAPITAL/ 223 (224 to 228) 1. Changes in revaluation reserves on financial 224 assets available for sale 35,974 (60,503) 2. Changes in revaluation reserves arising from property, plant and equipment and intangible assets 3.Changes in revaluation reserves arising from equity investments in associated companies

5 4. Changes in revaluation reserve on the basis of actuarial gains (or loss) with respect to defined pension plans Changes in revaluation reserves arising from cash flow hedges H. Income tax expense ( ) (1,712) (444) Current income tax Deferred tax income/expense 231 (1,712) (444) I. NET RESULT ( ) ,686 (60,059) J. EARNINGS PER SHARE 0,1 (0,15) 1.Basic earnings per share 233 0,1 (0,15) 2. Decreased (diluted)earning per share 234 The form is in accordance with Article 3 of Law on Accounting and Auditing ("Official Gazette" no 80/08) and IV EU Directive. 228 In The person responsible for the preparation of financial statements Authorized person Date 16 March 2017 Tatjana Blagojević L.S. Vladimir Kašćelan

6 Completed by a legal entity ID number: Activity code 6619 Fill in: Name Address Centralna Depozitarna Agencija STATEMENT OF FINANCIAL POSITION /BALANCE SHEET/ AS AT 31 DECEMBER 2016 Class of account Position Assets 00 (part) A. SUBSCRIBED CAPITAL NOT PAID.001 B. LONG-TERM ASSETS ( ) , , I. GOODWILL (except).012 II. INTANGIBLE ASSETS , ,746 Note Current year In EUR Amount Previous year III. PROPERTY,PLANT,EQUIPMENT AND BIOLOGICAL ASSETS ( ) ,741 75, , 022, 023, (part), 028 (part), , 027 (part), 028 (part) 021, 025, 027 (part), 028 (part) 030, 031(part), 032 (part), 039 (part) 1.Plant, Property and Equipment ,741 75, Investment property Biological assets.008 IV LOMG-TERM FINANCIAL INVESTMENT ( ) Equity investments (part),032(part) 2.Equity method investments (part), 033(part)- 038,039(part) 3.Other long term financial investments C. DEFERED TAX ASSETS D. NON CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS.014 E. CURRENT ASSETS , ,167 ( ) 10-13,15 I. INVENTORIES.016 II. SHORT TERM RECEIVABLES, INVESTMENTS AND CASH ( ) , ,167 20, 21, 22 except Receivables , , Receivables for overpaid income tax ,707 5, minus Short - term financial investments , Cash and cash equivalents , , except Value added tax and accruals.022 2,149 2,272 F. TOTAL ASSETS ( ) , ,565

7 EQUITY AND LIABILITIES A. CAPITAL (from 102 to 109) , , I. ISSUED CAPITAL , , II. SUBSCRIBED CAPITAL NOT PAID III. RESERVES ,228 50, , 331, 333 IV. POSITIVE REVALUATION RESERVES AND UNREALIZED GAINS ON FINANCIAL ASSETS AVAILABLE FOR SALE 105 7, ,334 V. REVALUATION RESERVES AND FOREIGN UNREALIZED LOSSES ON FINANCIAL ASSETS AVAILABLE FOR SALE VI. RETAINED EARNINGS , , VII. LOSS , VIII. TREASURY SHARES AND STAKES 109 B. LONG-TERM PROVISIONS AND LONG- TERM LIABILITIES ( ) ,414 15, (part) I.LONG-TERM PROVISIONS ,414 15, II. LONG TERM LIABILITIES ( ) , Long-term loans except 414, Other long term liabilities C. DEFERRED TAX LIABILITIES ,044 13,756 D. SHORT-TERM PROVISIONS AND LIABILITIES ( ) ,517 48,675 I. SHORT TERM LIABILITIES ( ) ,517 48,675 42, except Short term financial liabilities Liabilities from assets and disposal groups available for sale ,44 3.Liabilities from operations ,132 36,473 45,46,49 except Other short-term liabilities and accruals ,48 except Liabilities for value added tax and other public ,385 12, Income tax liabilities (part) II.SHORT-TERM PROVISIONS 124 E. TOTAL LIABILITIES AND EQUITY ( ) , ,565 The form is in accordance with Article 3 of Law on Accounting and Auditing ("Official Gazette" no 80/08) and IV EU Directive. In The person responsible for the preparation of financial statements Authorized person Date 16 March 2017 Tatjana Blagojević L.S. Vladimir Kašćelan

8 Completed by a legal entity ID number: Fill in: Name: Centralna Depozitarna Agencija Address: Activity code 6619 CASH FLOW STATEMENT FOR THE PERIOD FROM 1 JANUARY TO 31 DECEMBER 2016 In EUR POSITION Current year Previous year amount amount A. CASH FLOW FROM OPERATING ACTIVITIES I. Cash inflow from operating activities (1 to 3) , , Cash receipts from customers and received advances , ,925 2.Interest received from operating activities Other receipts from operating activities ,211 10,050 II. Cash outflows from operating activities (1 to 5) , , Cash paid to suppliers and payments in advance , , Gross salaries and wages , , Interests paid Income tax Other tax paid ,481 68,296 III.Net cash generated from operating activities (I-II) ,493 20,264 B. CASH FLOWS FROM INVESTING ACTIVITIES I. Cash inflow from investing activities (1 to 5) ,571 61, Sales of shares and stakes (net receipts) Sales of intangible assets, property, plant, equipment and biological assets Other financial investments (net receipts) ,000 50, Interests received from investing activities 316 5,571 11, Dividends received 317 II. Cash outflows from investing activities (1 to 3) 318 4,780 28,506 1.Purchase of shares and stakes (net outflows) Purchase of intangible assets, property, plant, equipment and biological assets 320 4,780 28, Other financial investments (net receipts) 321 III. Net cash generated from investing activities (I-II) ,791 32,646 C. CASH FLOWS FROM FINANCING ACTIVITIES I. Cash inflow from financing activities (1 to 3) Increase in share capital Long term and short term loans (net receipt) Other long term and short term liabilities 326 II. Cash outflows from financing activities (1 to 4) Purchase of treasury shares and stakes Long term and short term loans and other liabilities (net outflow) Finance leasing Dividends paid 331 III. NET CASH GENERATED FROM FINANCING ACTIVITIES (I-II) 332 D. NET CASH FLOW ( ) ,284 52,910 E. CASH AT THE BEGINNING OF THE REPORTING PERIOD , ,892 F. POSITIVE FOREIGN EXCHANGE 335 G. NEGATIVE FOREIGN EXCANGE 336 H. CASH AT THE END OF THE REPORTING PERIOD ( ) , ,802 The form is in accordance with Article 3 of Law on Accounting and Auditing ("Official Gazette" no 80/08) and IV EU In The person responsible for the preparation of financial statements Authorized person Date 16 March 2017 Tatjana Blagojević L.S. Vladimir Kašćelan

9 Completed by a legal entity ID number: Fill in: Name Address Centralna Depozitarna Agencija Activity code 6619 N r. Item Stake capital Other capital Subscribed unpaid capital Share issue premium Reserves Revaluation reserves Retained earnings Loss up to the amount of capital Treasury shares purchased Balance as at , , , , ,234 2 Effects of retroactive material errors and changes in accounting policies Adjusted opening balance , , , ,234 as at (1+2) 4 Net changes in , (60,059) Balance as at , , , , , ,175 (3+4) 6 Effects of retroactive material errors and changes in accounting policies STATEMENT ON CHANGES IN EQUITY FOR THE PERIOD FROM 1 JANUARY TO 31 DECEMBER Adjusted opening balance , , , , , ,175 as at (5+6) 8 Net changes in (7,902) 462 (14,471) 471 (60,059) ,686 Balance as at , , , ,861 (7+8) Total The form is in accordance with Article 3 of Law on Accounting and Auditing ("Official Gazette" no 80/08) and IV EU Directive. In The person responsible for the preparation of financial statements Authorized person Date 16 March 2017 Tatjana Blagojević L.S. Vladimir Kašćelan